ETF Research Center

SPDR Barclays Investment Grade Floating Rate ETF is an exchange-traded fund incorporated in the USA. The Fund's objective is to replicate as closely as possible the performance of the Barclays U.S. Dollar Floating Rate Note < 5 Years Index.

FUND BASICS
Category	Corporate
Fund Sponsor	SSgA Funds Management Inc
Website	www.spdrs.com
Inception date	Nov 30, 2011
Assets (mns)	$2,753
Currency	USD
Expense ratio	15 bp
Distributions	Monthly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	State Street Bank & Trust Co
Weighting	Market Cap
Index replication	Optimized

ISSUER TYPE BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	293
No of distinct issuers	152
Inflation protected	0%
Variable/Fixed coupon	100% /0%
Non-standard maturity (callable, etc.)	34%

TOP TEN HOLDINGS
TOTAL	9.8 %
0.0% //	1.2 %
0.0% //	1.2 %
0.0% //	1.1 %
0.0% //	1.1 %
0.0% //	1.0 %
0.0% //	0.9 %
0.0% //	0.9 %
0.0% //	0.9 %
0.0% //	0.8 %
0.0% //	0.8 %

TOP ISSUERS
GOLDMAN SACHS GROUP, INC.	3.3%
JPMORGAN CHASE & CO.	2.6%
BANK OF NOVA SCOTIA	2.5%
ROYAL BANK OF CANADA	2.4%
BANK OF AMERICA CORPORATION	2.0%

TOP COUNTRY EXPOSURE
	UNITED STATES	41.1 %
	CANADA	10.2 %
	UNITED KINGDOM	4.9 %
	AUSTRALIA	3.7 %
	JAPAN	2.7 %

HISTORICAL RETURNS info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru April 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.1%	3.2%	3.2%	2.3%	2.1%

Market Correlations
versus...	Beta	R-squared
Barclays Agg. Bond	0.03	2%
S&P500	0.03	15%
MSCI EAFE	0.03	13%
MSCI Emg. Mkts.	0.02	6%

Technical Indicators
Recent close	$30.66
30d moving avg.	$30.67
Annualized volatility	1.5%
Short interest (ETF)	0.6%
Relative strength (RSI)	52

Liquidity measures
Avg. volume (thou.)	1,388
Avg. daily value traded (mns)	$43
Turnover	1.5%
Bid/Ask (% of price)	0.03

Distributions

Yield Comparison

*Fund Category: CORPORATE

CREDIT QUALITY: MOODY'S

DISTRIBUTION YIELD (TRAILING 12 MONTHS)

Macaulay Duration

FLRN	2.5 yrs	Category Avg.*	4.6 yrs

Modified Duration

FLRN	2.5%	Category Avg.*	4.5%

RATE SENSITIVITY ANALYSIS
Change in YTM	New YTM	Est. Price Change	Est. New Price
+300 bp	4.61%	-7.5%	$28.36
+200 bp	3.61%	-5.0%	$29.14
+150 bp	3.11%	-3.7%	$29.52
+100 bp	2.61%	-2.5%	$29.90
+75 bp	2.36%	-1.9%	$30.09
+50 bp	2.11%	-1.2%	$30.28
+25 bp	1.86%	-0.6%	$30.47
0 bp	1.61%	0%	$30.66
-25 bp	1.36%	0.6%	$30.85
-50 bp	1.11%	1.2%	$31.04
-75 bp	0.86%	1.8%	$31.22
-100 bp	0.61%	2.4%	$31.41
-150 bp	0.11%	3.7%	$31.78
-200 bp	-0.39%	4.9%	$32.15
-300 bp	-1.39%	7.3%	$32.89

*Fund Category: CORPORATE

ALTAR Score™

Calculation of ALTAR Score™
Adj. Yield to Maturity	161	bp
Less: Annual "default factor"	3	bp
Less: Expense ratio	15	bp
Equals: ALTAR Score	1.43	%

Average ALTAR Score™ by Category
Aggregate	3.1%
Corporate	4.1%
Emerging Market	6.0%
Government	7.0%
Inflation Protected	2.2%
Mortgage	4.9%
Municipals	3.5%

Note: The SPDR Bloomberg Investment Grade Floating Rate ETF is classified as a Corporate* fund.